For DIY investors who are passionate about personal finance and tracking every penny, Portfolio Performance has been the go-to open-source tool for years. It is a robust, free, and extremely powerful desktop application that allows you to calculate metrics like TWR (Time-Weighted Return), MWR (Money-Weighted Return), and graph your net worth.

However, despite its strengths, Portfolio Performance suffers from a major issue: its steep learning curve and visual complexity.

For passive or Boglehead investors whose main goal is to contribute to 2 or 3 index funds or ETFs monthly and perform an occasional rebalancing, setting up and maintaining this desktop tool is like cracking a nut with a sledgehammer.

In this article, we will analyze the best alternatives to Portfolio Performance, comparing their pros, cons, and which one you should choose based on your actual financial tracking needs.

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1. Why Look for an Alternative to Portfolio Performance?

Although it is a favorite application in passive investing forums, Portfolio Performance has clear practical limitations:

• Steep Learning Curve: Its interface looks like a Bloomberg terminal. Configuring assets, importing transaction statements, and fixing decimal mismatches requires hours of studying tutorials.
• Desktop-Only: There is no official mobile app or native web version. Your data is saved in a local file (.xml or .portfolio) on your hard drive, making it difficult to quickly consult from a mobile phone or tablet.
• Unnecessary Complexity for Rebalancing: The software is designed for historical return and dividend analysis, not for providing a quick, simple solution to “how to distribute my $500 contribution this month.”

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2. The Main Alternatives on the Market

Let’s review the available options to replace it, categorized by tool type:

Alternative A: Custom Spreadsheets (Google Sheets / Excel)

This is the classic, most widespread alternative. It consists of building your own template using formulas or functions like =GOOGLEFINANCE to pull market prices automatically.

• Pros: Absolute flexibility. You can design the tables and charts exactly as you wish.
• Cons: Requires constant manual maintenance. If you switch index funds or if the API fails (which is common for European ISINs), your formulas will break and you will have to repair them yourself.

Alternative B: Robo-Advisors and Managed Portfolios

If you delegate your portfolio to a robo-advisor or use the summary screen of the bank where you hold your index funds:

• Pros: Total automation. You don’t have to do anything since the platform buys, sells, and rebalances for you.
• Cons: You are tied to their specific funds and terms. In addition, robo-advisors charge an extra management fee (usually around 0.15% to 0.50% annually), which reduces your long-term returns. They also do not allow you to unify assets from different platforms into a single view.

Alternative C: Web Calculators Focused on Rebalancing (CoreBalance)

Modern web applications designed for independent Boglehead investors who manage their own portfolios across traditional brokers or low-cost platforms (like Interactive Brokers, DeGiro, or Vanguard).

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3. Comparison Table: Which One Is Best for You?

Feature	Portfolio Performance	Spreadsheets	Robo-Advisors	CoreBalance
Ease of Use	Very Low	Medium-Low	Fully Automated	Very High
Setup Time	Hours	Hours	Minutes	Seconds
Cost	Free	Free	Management Fees	Free
Cross-Device Access	Limited (Local XML)	Excellent	Excellent	Excellent (Web)
Data Privacy	Excellent (Local File)	Variable (Cloud Drive)	None (Shared with bank)	Excellent (Local-first)
Primary Focus	Performance Analysis	Customization	Delegation	Rebalancing Calculations

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4. Why CoreBalance Is the Ideal Alternative for Passive Investors

If your strategy is to buy funds and rebalance once or twice a year, CoreBalance removes all the complexity and frustration of Portfolio Performance while preserving its greatest virtue: data privacy.

• Focused on What Matters: CoreBalance does not try to be a complex accounting package. It gives you exactly what you need to execute your passive strategy: it calculates your drifts and tells you precisely how to adjust your portfolio using new contributions or fund transfers.
• No Accounts or Sign-ups: You don’t need to enter your email, link bank accounts, or upload your sensitive financial details to the cloud. Your portfolios are encrypted and stored locally in your web browser’s storage (localStorage).
• Fast and Interactive: Go to the web page, add your assets in seconds, and see your calculations immediately. No XML files to import or complex feeds to configure.

[!TIP] If you enjoy analyzing money-weighted return charts and don’t mind spending hours setting up software, Portfolio Performance is an excellent tool. But if your time is valuable and you just want to make efficient monthly contributions to maintain your target asset allocation, a simplified calculator like CoreBalance will save you time and headaches.